RIGHTS, DUTIES AND RESTRICTIONS OF THE MANAGING MEMBER. 6.1 Expenditures by the Company. The Managing Member is hereby authorized to pay all Administrative Expenses. All such Administrative Expenses will be made on behalf of the Company, and the Managing Member will be entitled to reimbursement by the Company for any such Administrative Expenses paid by the Managing Member on behalf of the Company. The Company will also assume, and pay when due, all Administrative Expenses.
Appears in 8 contracts
Samples: Limited Liability Company Agreement, Limited Liability Company Agreement (Clipper Realty Inc.), Limited Liability Company Agreement (Clipper Realty Inc.)